自1997年亞洲金融風暴發生以來，許多東亞國家一直積極檢討和改善他們的管理制度，尤其是公司治理及資訊揭露。因為公司治理被認為是加強資訊揭露透明度的有效機制。而國內也於民國九十二年起實施上市櫃公司資訊揭露評鑑系統，此評鑑系統考慮了台灣獨特的企業環境且提供給企業一個絕佳資訊揭露的摘要，作為管理和分析的參考。近年來，新的財會公報準則亦陸續推動，對於資訊揭露的透明化實有深入探究之必要。
    本研究係以國內上市電子業公司，並以取得該公司完整資訊者為主要研究對象，共取得270家上市公司，深入了解目前國內企業資訊揭露的概況。並採用變異數分析、t 檢定、卡方檢定、F 檢定、主成份分析及複迴歸分析等統計方法，探討資訊揭露透明度與公司治理之間的關係。
    研究結果顯示，企業研發費用率愈高、專利權數愈多、獨立董事之比例愈高、專業人才培育愈多、管理人持股比率愈高、政府及金融機構持股比率愈高、本國法人持股比率愈高及外資法人持股比率愈高，資訊揭露透明度愈高；而大股東持股比率與資訊揭露透明度呈顯著的負相關，顯示隨著大股東持股比率的增加，資訊揭露透明度愈低。

Since the Asian financial crisis in 1997, most East Asian countries have been actively reviewing and improving their regulatory frameworks, in particular, corporate governance and information disclosure. Because corporate governance has been described as the efficient structure used to enhance transparency of information disclosure. The Securities and Futures Institute entrusted by the Taiwan Stock Exchange Corporation and the Gre Tai Securities Market, launches “Information Transparency and Disclosure Ranking System” to evaluate the level of transparency for all listed companies in Taiwan in 2003, the System takes into consideration Taiwan’s unique business environment and provides companies with a summary of best practice as regards their benchmark for management and analysis. Recent year, the new financial accounting guidelines also have been drived continually, the transparency of information disclosure will be an important topic to study.
By using a sample of 270 electronic public listed companies with full-detail data in Taiwan stock market to know how they disclose information, and to understand the relationship between information disclosure transparency and corporate governance choosing by variance analysis, t-test, chi-square-test, F-test, principle component analysis and multiple regression.
The empirical result shows that companies with higher R&D rate, more patent numbers, higher proportion of independent directors, to breed more professionals, higher ownership ratio of managers, higher ownership ratio of government and financial institute, higher ownership ratio of domestic institute, higher ownership ratio of Foreign institute are more likely to have a higher transparency of information disclosure. Besides, transparency of information disclosure is significantly negatively related to the ownership ratio of block shareholders, shows companies with higher ownership ratio of block shareholders are more likely to have a lower transparency of information disclosure.

目錄
第一章 緒論
1.1研究問題說明…………………………………………………………………….1
1.2研究流程………………………………………………………………………….4
第二章 文獻探討
2.1公司治理………………………………………………………………………....6
2.1.1公司治理簡介……………………………………………………………....6
2.1.2公司展望與公司治理……………………………………………….……...7
2.1.3董事會特性與公司治理…………………………………………………...10
2.1.4所有權結構與公司治理…………………………………………………...14
2.1.5公司治理相關議題……………………………………………………..….18
2.2資訊揭露透明度……………………………………………………………..….21
2.2.1資訊揭露透明度簡介…………………………………………………..….21
2.2.2資訊揭露的動機…………………………………………………………...23
2.2.3資訊揭露透明度相關議題……………………………………………..….25
2.3國內相關實證………………………………………………………………..….28
2.4國外相關實證………………………………………………………………..….38
第三章 研究設計
3.1研究架構………………………………………………...………………………44
3.2研究假說………………………………………………………………………...46
3.3研究變數之衡量……………………………………………………………..….54
3.4樣本選取與資料來源…………………………………………………………...59
3.5研究限制……………………………………………………………………...…60
3.6研究方法……………………………………………………………………..….61
第四章 實證結果分析
4.1資訊揭露評鑑指標分析……………………………………………………..….66
4.1.1樣本產業分佈…………………………………………………………..….66
4.1.2公司資訊透明度總分評析…………………………………………..…….68
4.1.3公司資訊揭露評鑑指標逐項剖析………………………………………...74
4.1.4資訊揭露評鑑指標之效力性評比………………………………………...81
4.2 資訊揭露透明度影響因素分析…………………………………………….….82
4.2.1自變數與控制變數之敘述統計…………………………………………...82
4.2.2公司特質之分群檢定…………………..………………………..…..…….91
4.2.3資訊揭露透明公司與不透明公司之分群檢定………………………..….92
4.3公司治理對資訊揭露透明度影響之分析………………………………..….....95
4.3.1公司治理三構面指標對資訊揭露透明度之影響………………..……….95
4.3.2公司治理變數對資訊揭露透明度之影響…………………………..…….98
第五章 結論與建議
5.1研究結論………………………………………………………………….……106
5.2發現與建議………………………………………………………………….…107
5.2.1研究發現……………………………………………………………...…..107
5.2.2研究建議………………………………………………………...………..108
參考文獻……………………………………………………………………..….111











圖表目錄
圖1.2     研究流程………………………………………………………………...5
表2.3-1   公司治理對資訊揭露透明度之影響－國內研究彙整表…………….34
表2.4-1   公司治理對資訊揭露透明度之影響－國外研究彙整表………….…42
圖3.1     研究架構……………………………………………………...………..45
表3.4-1   樣本篩選表………………………………………………………….…59
表4.1.1-1 資訊電子產業分佈表……………………………………………….…66
圖4.1.1   公司資訊揭露評鑑總分次數分配圖……………………………….…67
表4.1.1-2 公司資訊揭露評鑑總分次數分配表………………………………….67
表4.1.1-3 公司資訊揭露評鑑總分變異數分析………………………………….67
表4.1.2-1 公司資訊揭露透明度之比較表…………………………………….…70
表4.1.2-2 產業別與資訊揭露種類透明度之變異數分析……………………….70
表4.1.2-3 產業別資訊揭露種類透明度評比………………………………….…71
表4.1.2-3 產業別資訊揭露種類透明度評比(續)…………………………….…72
表4.1.2-4 產業別之整體資訊揭露透明度排行榜…………………………….…73
表4.1.3-1 資訊揭露評鑑指標總表…………………………………………….…75
表4.2.1-1 連續性變數之敘述統計…………………………………………….…84
表4.2.1-2 虛擬變數之敘述統計……………………………………………….…85
表4.2.1-3 產業別與連續性變數間之表現情況……………………………….…87
表4.2.1-3 產業別與連續性變數間之表現情況(續)………………………….…88
表4.2.1-4 產業別與虛擬變數間之表現情況………………………………….…89
表4.2.1-5 產業別與自變數之變異數分析…………………………………….…90
表4.2.2-1 公司特質之分群檢定……………………………………………….…92
表4.2.3-1 資訊揭露透明公司與不透明公司之分群檢定…………………….…94
表4.3.1-1 特徵值及解釋比例－公司展望指標………………………..…..….…95
表4.3.1-2 特徵值及解釋比例－董事會特性指標………………………….....…95
表4.3.1-3 特徵值及解釋比例－所有權結構指標…………………………….…96
表4.3.1-4 模型I之Pearson相關分析………………………………...……..…97
表4.3.1-5 模型I之複迴歸分析……………………...……………………...........97
表4.3.2-1 模型II之Pearson相關分析……………………………….….……104
表4.3.2-2 模型II之複迴歸分析………………………………………..…...….105
附錄一    資訊電子業之高透明度公司…………………………………....……110

一、	中文部分
1.	王玉珍(2002)，「股權結構、董事會組成、資本結構與企業績效關係之研究」，國
立中央大學企業管理研究所碩士論文。
2.	王瑄和杜榮瑞(2005)，「企業資訊揭露之決定因素與效應」，會計研究月刊，第
237期，65-67。
3.	字佩芬(2003)，「資訊揭露程度、外資法人持股率與股價報酬率間之關係研究」，
私立中國文化大學國際企業管理研究所碩士論文。
4.	李建然(1997)，「影響台灣上市公司自願性盈餘預測行為之研究」，國立政治大學
會計學系博士論文。
5.	李孟芳(2003)，「股權結構對企業財務資訊揭露品質之影響－以上市電子業公司為
例」，國立成功大學會計學研究所碩士論文。
6.	李亭誼(2003)，「董事身分特性與董監經理人相關資訊揭露程度關係之研究」，國
立政治大學會計學系碩士班碩士論文。
7.	朱清平(2003)，「公司治理與財務預測品質關係之研究」，國立中正大學會計與資
訊科技研究所碩士論文。
8.	沈宜慶(2002)，「企業資訊透明度與債券發行資金成本關係之實證研究」，私立淡
江大學會計學研究所碩士論文。
9.	呂宜峰(2004)，「資訊揭露程度與公司特徵之關聯性研究－以國內IC相關產業為
例」，私立中國文化大學會計學研究所碩士論文。
10.	金志遠(2000)，「董事會特性與年報自願性揭露關係之研究」，國立政治大學會計
學系碩士班碩士論文。
11.	邱碧珠(2000)，「資訊揭露程度與權益資金成本間之關係:我國資訊電子業之研
究」，國立台灣大學會計學研究所碩士論文。
12.	林政衛(2004)，「公司治理結構、資訊透明度與股票報酬變異關聯性之研究」，國
立政治大學會計學系碩士班碩士論文。
13.	周建宏(2002)，「提高資訊透明度以因應全球化的資本市場」，會計研究月刊，第
200期，82-86。
14.	馮君弘(2002)，「企業多角化與企業價值關係之研究:公司治理機制與高階管理團
隊觀點」，國立雲林科技大學企業管理學系碩士論文。
15.	莊尚志(2003)，「資訊揭露程度與資金成本關係之實證研究」，私立東吳大學會計
學系碩士班碩士論文。
16.	張哲銘(2004)，「資訊揭露與公司價值之研究」，國立台北大學會計學研究所碩士
論文。
17.	許崇源、陳瑞斌、翁慈青(2005)，「公司治理結構對於資訊透明度之影響」，台灣財務金融學會2005財務金融學術研討會。
18.	黃寶漳(2004)，「董事會結構、所有權結構與公司資訊揭露水準－公司治理的觀
點」，私立明志技術學院工程管理研究所碩士論文。
19.	黃耀慶(2001)，「從系統風險、企業透明度與權益資金成本關係探討影響企業透明
度因素」，國立政治大學企業管理學系碩士班碩士論文。
20.	曾炳霖(2002)，「淺論公司治理-以安隆案為中心」，會計研究月刊，第205期，
66-67。
21.	楊雅惠(2004)，「公司治理與年報自願性揭露關係之研究－以上市電子公司為
例」，國立成功大學會計學研究所碩士論文。
22.	楊郁蒨(2002)，「自願更新財務預測與公司特質之關聯性研究」，私立東吳大學會
計學系碩士班碩士論文。
23.	葉銀華(2005) ，「股權結構與IPO評價」，2005公司治理國際研討會。
24.	葉銀華、李存修、柯承恩(2002)，「公司治理與評等系統」，台北市：商智文化。
25.	鄭皓元(2004)，「公司治理與公司價值攸關性之研究」，私立中原大學會計學系碩
士論文。
26.	蔡其諭(2002)，「揭露程度與負債資金成本之關係」，國立政治大學會計學系碩士
班碩士論文。
27.	劉富美(2002)，「台灣上市公司產品多角化與國際化程度對財務特性影響之探討」，
　　國立中山大學財務管理學系研究所碩士論文。
28.	劉學儒(2004)，「資訊透明度與權益資金成本關聯性之實證研究－以電子資訊業為
例」，私立中國文化大學會計學研究所碩士論文。
29.	賴威廷(2004)，「企業多角化與代理成本、公司治理關係之研究」，私立東海大學
　　企業管理學系碩士班碩士論文。
30.	薛明玲(2002) ，「資訊透明度與企業競爭力」，會計研究月刊，第200期，14。
























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